Cenovus Energy Slips To Loss In Q2

(RTTNews) - Cenovus Energy Inc. (CVE, CVE.TO) reported that its second-quarter net loss was C$235 million or C$0.19 per share compared to net earnings of C$1.78 billion or C$1.45 per share in the same quarter last year. The net loss was due to the lower operating results and unrealized risk management losses of C$120 million, partially offset by non-operating unrealized foreign exchange gains of C$273 million and a deferred income tax recovery of C$131 million.

Operating loss was C$414 million or C$0.34 per share compared to operating earnings of C$267 million or C$0.22 per share in the previous year. Analysts polled by Thomson Reuters expected the company to report a loss of C$0.54 per share for the quarter. Analysts' estimates typically exclude special items.